11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
United States biomass-based diesel imports remained strong during the third quarter, well above last year’s pace and close to 2016’s record setting year. Approximately 218 million gallons were imported during the third quarter of 2023, according to U.S. Energy Information Administration (EIA) records. This was the largest amount of Q3 imports dating back to 2016. Combined imports of biodiesel and renewable diesel were two percent above the 214.1 million gallons imported during Q2, and 118 percent over the 99.9 million gallons imported in Q3 2022.
Imports received during the first three quarters of 2023 exceed full-year 2022 imports by 23 percent. Biodiesel imports reached 125.8 million gallons during the third quarter and were five percent over Q2 volume, while renewable diesel imports of 92 million gallons were three percent under Q2.
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